The GBP/USD pair initially tried to rally during the course of the day on Friday but turned right back around yet again. This market looks like it is ready to start drifting lower, but that’s the key word “drifting.” I’m not looking for some type of meltdown, I believe that we are going to continue down to the 1.25 level but at this point in time there to simply isn’t enough momentum out there to push this market lower with any type of speed. I prefer selling short-term rallies as they offer a little bit more room to move.
